Rowe sale still pending Friday

By Furniture Today Staff -- Furniture Today, January 21, 2007

Alexandria, Va. — The sale of midpriced upholstery maker Rowe Furniture was still pending at press time late last week.

A hearing on the matter, begun Thursday in U.S. bankruptcy court here, was continuing on Friday.

On Dec. 20, the court approved a "stalking horse" or lead bid of $30 million for the company from Florida-based Sun Capital Partners, but an auction is a required as part of Chapter 11 proceedings.

Rowe filed for Chapter 11 on Sept. 18, listing assets of $130.8 million and liabilities of $93.3 million. Shortly after, Rowe closed and liquidated its Storehouse retail chain.

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